Individual Trustees definition
Examples of Individual Trustees in a sentence
The initial Individual Trustees shall be the individuals who shall have been previously elected as such by a vote of the shareholders of the Trust.
The number of Individual Trustees shall initially be such number as shall be elected as such by a vote of the shareholders of the Trust, and thereafter shall be such number as shall be fixed from time to time by action of a majority of the Trustees.
The Trustees shall enforce their rights under this Agreement and the Individual Trustees shall enforce their rights under the Security Documents.
The Individual Trustees may accept as correct financial or other statements rendered by the Business as to its conditions and operations except when having actual notice to the contrary.
The Corporate Trustee shall provide or cause the Lead Paying Agent to provide the Individual Trustees and the Grantor with a written confirmation of all Contributions received by it under this Agreement within two Business Days of such receipt.
If there are no remaining Individual Trustees, any such vacancy shall be filled by the Delaware Court of Chancery upon the motion of the Grantor or the Corporate Trustee.
No waiver of any right or default hereunder by either party hereto shall be deemed a continuing waiver or a waiver of any other right or default hereunder by such party.
If more than two Individual Trustees are eligible to act on a given matter, they shall act by majority.
Schedule B-1, attached hereto and incorporated herein by reference, provides the compensation and fee schedule for the Corporate Trustee and the Lead Paying Agent, which may be adjusted from time to time as approved by the Corporate Trustee and the Individual Trustees.
In the event a conflict of interests arises in respect of any matter relating to the Trust that could reasonably be deemed to affect the judgment or impartiality of one or more (but not all) of the Individual Trustees in a material manner, each such Individual Trustee shall have the right to recuse himself or herself from any decision relating to such matter, in which case the other Individual Trustees shall be authorized to act in respect of such matter.